for Company s history: from its foundation until today P. 4

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1 AZIMUT-BENETTI GROUP: COMPANY PROFILE DOCUMENTATION CONTAINED IN THE PRESS KIT Company Profile P. 1 Company s history: from its foundation until today P. 4 A long lasting value P. 7 Summery of the company P. 8 Contacts: Barabino & Partners Danila Sabella d.sabella@barabino.it Tel Avigliana, September 2010

2 1 AZIMUT-BENETTI GROUP Company Profile The international supremacy Azimut-Benetti is the largest mega yacht production network, Europe s first shipyard and among the world s leaders. The Group, to which the prestigious Azimut Yachts, Atlantis and Benetti Yachts belong, offers the widest range of motor yachts whose length spans between the smaller Atlantis sport cruiser s 30 feet and Benetti s 70 meter and more. Each brand addresses its own yachting market segment. In detail, Azimut Yachts produces Open and Flybridge between 38 and 116 feet long; Atlantis produces Open between 30 and 55 feet long; Benetti Yachts makes mega yachts between 24 and 70 meter long. 8 shipyards The Azimut-Benetti Group produces about 600 motor yachts a year in its 8 shipyards, which are located in Avigliana near Turin (the site of company s headquarters and Azimut s shipyards), Savona, Viareggio (where the historical Benetti shipyards are based), Livorno, Sariano di Gropparello in the Emilia region, Fano in the Marche region and Orhangazi (Bursa) in Turkey. The Group s shipyards have different functions: Avigliana s head office deals with the company s organization and management, produces yachts under 70 feet long predominantly in fiberglass and has a service and delivery center in the port of Savona. In Viareggio there is the production of Azimut yachts from 75 to 116 feet long. Benetti focuses the production of yachts over 24 meter long in steel, aluminum and fiber glass in its Viareggio, Livorno and Fano shipyards. After acquiring the Gobbi shipyard in Piacenza back in 2001, the new Atlantis brand was created in order to match Gobbi s production efficiency with Azimut-Benetti s new vision. It immediately developed its own strong identity, which harmonizes well with the other products of the group. Azimut Yachts builds its entry-level models in Turkey. The divisions Azimut Yachts The Group s divisions are represented by three brands - Azimut Yachts, Benetti and Atlantis - with the addition of the strategic services division Yachtique. Azimut Yachts is the first brand of the Group, which produces yachts from 38 to 116 feet long. The production of yachts from 75 to 116 feet long is in Viareggio, while in Avigliana they produce yachts from 38 to 70 feet long. In Savona there is their service center.

3 2 In total Azimut Yachts has sqm of shipyard, among which sqm ( sqm covered) in the headquarter of Avigliana, inaugurated in 2001 and projected specifically to host the most advanced machinery and for the production of yachts till 70 feet long. Benetti Benetti, historical shipyard founded in 1873, has being acquired by the Group in From that moment on Benetti has developed more than any other competitor in its market segment, specializing in the production of composite lines (from 85 to 50 meters) and the steel and aluminum yachts (from 45 meters and above). Today the shipyard is dislocated in the centers, situated respectively in Viareggio, Fano and Livorno, for a total surface of sqm, 500 of which are dedicated to a heliport and are covered. Atlantis Atlantis brand was born in 2001 within the Group. Situated in Piacenza, it developed from the beginning a defined identity, specializing in the production of open yachts between 10 and 18 meters long. The weaving factory praise an elevated number of technological pluses, among which the millwork with vacuum-packed process (infusion), an automatic system of automated gel coating by robot an original architectural structure of the hull and the set up of yachts on assembly lines of automotive derivation. Yachtique Elite Yachting Services Through Yachtique Elite Yachting Services, Azimut-Benetti is able to offer a 360 assistance to the ship-owners both in land and in sea. Yachtique operates through 5 business units: the Yachtique Styling Lounge (customize yachting service), Yachtique Crew Management (crew training service), Yachtique Financial Services (financial services), Fraser Yacht (charter and yacht management) and Yachtique Marinas (creation and management of touristic ports). Yachtique Styling Lounge This project foresee the preparation of two spaces. The first, with the brand Azimut, was inaugurated the 28th of June 2008 in the occasion of the second edition of the Yachting Gala in Viareggio. The second, with the Benetti brand, will be ready for public view in the next few months. The products and services of the Yachtique Styling Lounge are selected and gathered in two suites: - the first relative to the Interior Concept proposes lighting systems, digital audio visual installations with newest diffusers, ergonomic products and design and furnishing;

4 3 - the second has as major idea the Yachting Living and includes prestigious tableware, refined linens, and valuable materials for the drapery furthermore exclusive gift objects. Yachtique Crew Academy A training center oriented to effective short courses with reference to Junior and Senior profiles. One of the key elements for the growth and the expansion is in fact the continued update of the crews professional profiles. Azimut-Benetti will dedicate special attention both to young recruits boarding oriented and to the more professional profiles with the aim to create a group of commanders, machines engineers, and hosting crew of a very high level and reliability. Yachtique Financial Services An autonomous structure that offers financial services to the boat owners, mediation structures (dealers/brokers) and Fraser Yachts activities. An important agreement was signed in May 2009 with CGMER, the Société Generale s department specialized in financing in the nautical sector, for the creation of a range of exclusive offers aimed to boat owners. Fraser Yachts Yachtique Marinas Through this world leading company in brokerage, charter and yacht management, Azimut-Benetti guarantees high end services for charter and manage yachts in the world. Fraser Yachts had been a leading player in the yachting sector for 60 years. It has branches in Monaco, London, Viareggio, Palma de Maiorca, Antibes, Fort Lauderdale, San Diego, Newport RI, Casa de Campo, Auckland, Mexico City and Seattle. Azimut-Benetti manage and coordinate touristic ports with the purpose to transform them into places where not only the docking will be guaranteed, but also where sophisticated services can be offered as an additional value.

5 4 AZIMUT-BENETTI GROUP Company s history: from its foundation until today The Beginnings Azimut-Benetti s history dates back to 1969, when enterprising young college student Paolo Vitelli founded Azimut Srl, a sailing boat chartering company. He thereby started turning his own passion for the sea into an important business. In 1970 some prestigious yachting brands such as Amerglass, Westerly, British Powles and Draco appointed the new company in order to distribute their own boats in Italy. The 80 The certificates The acquisition of Benetti The Atlantic crossing Later on, Azimut Srl decided to design its own boats and to put them on the market, but left the construction process to others. Between 1975 and 1980 the company designed its first handmade models in fiberglass and introduced them on to the Italian market directly. In those years the company conquered a prestigious central position in this sector and quickly became one of Italy s foremost companies specialized in the import and distribution of pleasure boats. In 1983 the 105 Farlaka, the biggest mass-produced yacht in fiberglass, was launched in Viareggio. Azimut s technological and technical excellence has always been the company s defining trait from the very start and it has made sure that cutting edge research, design and new materials always stayed at the forefront. This allowed the company, one of the first among the country s dockyards, to receive the ISO 9001 certificate in 1996 by the Italian Naval Register. In 1985, with the acquisition of the historical Benetti Brothers shipyard in Viareggio (which had been founded in 1873 by the same family), Azimut inherited the great technical experience and the approach to planning and development that had always defined this company. An intense building activity followed, that will lead the Benetti division to launch about 60 yachts between 30 and 70 meter long over almost 20 years. In 1988 the newly founded group realized the Azimut Atlantic Challenger to face the challenge of the fastest Atlantic crossing with passengers on board. The planning and production of this yacht confirmed the group s excellence and fortified the genetic material of its skills.

6 5 The shipyards and the production plants In 1999 the group s investment policy led to the acquisition of the Moschino dockyards in Fano (thanks to which Azimut reached an unchallenged position in the production of fiberglass hulls for yachts and mega yachts over 24 meter long), and moreover to the opening of a service and delivery center in Savona, to the refurbishment of the Benetti shipyards in Viareggio and the building of a new industrial plant in Avigliana near Turin. This plant, which covered an area of 100,000 sqm, had been planned in order to host the most advanced technologies and equipment to build yachts up to 21 meter long and ensure the most effective quality control in every production phase. Today the factory boasts a total surface of 65,000 sqm and is capable of producing about 350 yachts between 12 and 21 meter long each year. In 2000 the group strengthened its presence in Viareggio with the acquisition and refurbishment of the Lusben area in the middle of the port, which it devoted partly to building yachts between 24 and 35 meter long and partly to a service centre for repairs and maintenance with a private marina of about 40 moorings. The acquisition of the Gobbi shipyard and the birth of Atlantis Fraser Yachts A Shipbuilding Hub in Turkey Azimut do Brasil In 2001 the group acquired the Gobbi shipyard near Piacenza, which now produces open engine yachts between 10 and 18 meter long under the new Atlantis brand. In 2003 it was the turn of the Orlando Brothers shipyard in Livorno, which was acquired as a strategic investment for the development of Benetti s megayachts in steel and aluminum, but also as an investment which will revalue Livorno s Porta a Mare. In autumn 2004 the group, which had become Azimut-Benetti SpA in 2003, also gained control of Fraser Yachts with a 83% share, together with V.Ships Leisure which holds a 17%, and started developing sophisticated and innovative services in order to simplify the ownership and use of mega yachts. In 2008, a partnership agreement was forged with Kiraca Holding, a leading Turkish industrial group, which led to the establishment of Azimut Marine Denizcilik San Tic. A.S. The joint venture runs a 100,000 sqm shipyard where Azimut s entry-level models (38 Fly and 40 S) are built, keeping an important local industry working and meeting the demands of a highly dynamic emerging market with decisively strong growth potential. In August 2010, the Group opened a new shipyard in Itajai, Brazil, in the state of Santa Catarina, for the production of Azimut brand yachts. An important shipbuilding hub is to be developed around the shipyard, over a surface area of approximately 200,000 sqm.

7 6 Once running at full capacity, the Itajai shipyard will produce around 100 yachts per year, offering our customers in Brazil today considered the most promising emerging market for luxury yachts an attractive range of six yachts: four models up to 80 feet long, and two models between 80 and 100 feet in length. Scheduled to be completed within five years, the cost of the investment is estimated to reach a maximum total of 80 million. Marinas The investments by Paolo Vitelli, who is the current Chairman of the Group and was also UCINA (the Italian nautical association) Chairman for 8 years, were aimed not only at yacht production but also at building modern ports in Italy. This was accomplished by refurbishing the dockyards acquired by the Group and by building hotels and residential homes around those ports, which have turned out to be very important for local tourism and real estate. The Group s approach wants to integrate the port with its surroundings, so that customers can also enjoy completely equipped tourism, leisure and residential centers near the moorings. The projects achived see the realization of the Marina di Varazze in the Liguria region, of the Marina di Viareggio and of a Marina in Moscow terminated in 2007, whereas the restructuring of the port Mediceo of Livorno is taking place at present.

8 7 AZIMUT-BENETTI GROUP A long lasting value Focused on the core business since ever Financial stability and ongoing investments Yachts that keeps their value for a long time Ad hoc services The success of Azimut-Benetti is the result of a sound management strategy focused squarely on the core business for over forty years. The financial strength and stability of the Group has enabled ongoing investments to be made in research and development over the years, thanks to which Azimut-Benetti has always distinguished itself for the range of its fleet, which is constantly updated with new models, and for the hi-tech content it develops and uses to ensure the absolute comfort, performance and safety of its yachts. That is why, as an independent study in 2009 of sixteen leading Italian and foreign players in the sector found, Azimut-Benetti yachts keep their value longer than any other. Another strength boasted by the company is its commitment to unbeatable service and satisfaction, something which yacht-owners can rely on whatever their needs are. Worthy of special mention are the exclusive financial services and solutions that Azimut-Benetti offers in partnership with CGMER, the Société Générale department specialised in boat financing.

9 8 AZIMUT-BENETTI GROUP Summery of the company Activities: design, production and commercialization of luxury motor yachts from 9 to 70 meters First year of activity: 1969 Operational center: Avigliana Legal office: Avigliana Internet website: Production value at : million Euros Chairman: Paolo Vitelli Production units: 2 in Avigliana (Azimut Yachts) 2 in Viareggio (Azimut Yachts, Benetti Yachts) Livorno (Benetti Yachts) Fano (Benetti Yachts) Sariano di Gropparello in Emilia (Atlantis) Orhangazi (Bursa) - Turkey (Azimut Yachts). Employees: 2.000